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RSI Hits New Multi-Month Highs

USDJPY TECHS
  • RES 4: 146.12 76.4% Oct-Jan Downleg
  • RES 3: 144.64 2.0% 10-dma envelope
  • RES 2: 144.40 1.382 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 1: 144.17 High Jun 27
  • PRICE: 144.13 @ 16:19 BST Jun 27
  • SUP 1: 141.80 Former bull channel top drawn from the Jan 16 high
  • SUP 2: 141.21 Low Jun 20
  • SUP 3: 140.92/139.85 20-day EMA / Low Jun 16
  • SUP 4: 138.63 50-day EMA

USDJPY touched a new multi-month high Tuesday, after a more subdued start to the week to prompt USDJPY to narrow in on 144.64, the 2.0% 10-dma envelope and 144.40 - the 1.382 proj of the Jan 16 - Mar 8 - Mar 24 price swing. Technically, USDJPY is now the most overbought (as per the 14-day RSI) since mid-October. Price has added to gains on the recent breach of the top of a bull channel, at 141.80, drawn from the Jan 16 high. Note that moving average studies remain in a bull-mode position, highlighting an uptrend. Key short-term support is at 140.92 the 20-day EMA.

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